{"id":62970,"date":"2026-06-10T19:38:13","date_gmt":"2026-06-10T23:38:13","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-braced-for-impact-as-iran-shuts-strait-of-hormuz-uk-housing-market-stagnates\/62970\/"},"modified":"2026-06-10T19:38:13","modified_gmt":"2026-06-10T23:38:13","slug":"global-markets-braced-for-impact-as-iran-shuts-strait-of-hormuz-uk-housing-market-stagnates","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-braced-for-impact-as-iran-shuts-strait-of-hormuz-uk-housing-market-stagnates\/62970\/","title":{"rendered":"Global Markets Braced for Impact as Iran Shuts Strait of Hormuz; UK Housing Market Stagnates"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Iran&#39;s IRGC has declared a &quot;full and complete closure&quot; of the Strait of Hormuz<\/strong>, a move that immediately threatens approximately <strong>20% of the world&#39;s seaborne oil and gas supply<\/strong>.<\/li>\n<li><strong>Two commercial vessels were struck by Iranian forces<\/strong> after attempting to transit the strategic waterway without authorization, marking a severe escalation from threats to active interdiction.<\/li>\n<li><strong>The UK RICS House Price Balance for May fell to -35%<\/strong>, missing analyst estimates of <strong>-32%<\/strong> as the domestic housing market continues to struggle under the weight of geopolitical uncertainty and high borrowing costs.<\/li>\n<li><strong>Global energy markets are bracing for a massive supply shock<\/strong>, with analysts predicting an immediate spike in <strong>Brent Crude<\/strong> and <strong>WTI<\/strong> prices as freight and insurance costs for tankers in the Persian Gulf surge.<\/li>\n<li><strong>UK property transaction times have hit a record high of 21.5 weeks<\/strong>, reflecting a market that <em>RICS<\/em> describes as &quot;subdued&quot; and &quot;stagnating&quot; despite tentative signs of demand stabilization.<\/li>\n<\/ul>\n<h2>Middle East Conflict Reaches Critical Flashpoint<\/h2>\n<p>The <strong>Iranian Islamic Revolutionary Guard Corps (IRGC)<\/strong> announced the total closure of the <strong>Strait of Hormuz<\/strong> late Wednesday, following a series of retaliatory U.S. airstrikes. The Iranian military command, <strong>Khatam al-Anbiya<\/strong>, stated that the waterway is now closed to all traffic, including <strong>oil tankers and commercial ships<\/strong>, and warned that any vessel attempting passage will be targeted.<\/p>\n<p>This escalation transitioned from rhetoric to kinetic action almost immediately. The <strong>IRGC Navy<\/strong> confirmed it had <strong>attacked two ships<\/strong> that were attempting to transit the strait without permission. While the identities of the vessels and the extent of the damage have not been fully disclosed, the move has effectively halted maritime traffic through the world&#39;s most vital energy chokepoint.<\/p>\n<p>Market analysts warn that a sustained closure could lead to a <strong>global fuel crisis<\/strong>. Prior to the conflict, the strait handled nearly <strong>25% of global seaborne oil trade<\/strong> and <strong>20% of liquefied natural gas (LNG)<\/strong>. The <strong>U.S. Central Command (CENTCOM)<\/strong> has responded by launching additional &quot;self-defense&quot; strikes against Iranian military infrastructure, including command and control nodes and ammunition depots.<\/p>\n<h2>UK Housing Market Sentiment Weakens Further<\/h2>\n<p>In the United Kingdom, the <strong>Royal Institution of Chartered Surveyors (RICS)<\/strong> released its May Residential Market Survey, revealing a deeper-than-expected downturn. The <strong>House Price Balance dropped to -35%<\/strong>, falling below the anticipated <strong>-32%<\/strong> and the previous month\u2019s <strong>-34%<\/strong>. This figure represents the net balance of surveyors reporting price falls versus rises, indicating widespread downward pressure on property values.<\/p>\n<p>The survey highlighted that while new buyer inquiries held steady at a net balance of <strong>-34%<\/strong>, the overall market remains firmly in negative territory. <strong>Tarrant Parsons<\/strong>, RICS Head of Market Research, noted that the &quot;downturn in activity may be beginning to stabilise,&quot; but the pace of recovery is being throttled by the broader economic fallout from the Middle East conflict, which has kept mortgage rates elevated.<\/p>\n<p>Regionally, the <strong>South East<\/strong> and <strong>East Anglia<\/strong> are experiencing the most significant price declines. Conversely, <strong>Northern Ireland<\/strong> continues to show resilience with firm price growth. The rental sector remains a point of extreme stress; tenant demand rose to a net balance of <strong>+14%<\/strong>, while landlord instructions plummeted to <strong>-28%<\/strong>, pushing rent expectations to their highest level in over a year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Iran&#39;s IRGC has declared a &quot;full and complete closure&quot; of the Strait of Hormuz, a move that immediately 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